International money transfer service TransferWise has raised $280 million in a round of funding led by asset management firm Old Mutual Global Investors (OMGI) and Silicon Valley’s IVP, with participation from Sapphire Ventures, Mitsui & Co, World Innovation Lab, Richard Branson, Andreessen Horowitz, and Baillie Gifford.
Founded out of London in 2010, TransferWise offers a peer-to-peer (P2P) international money transfer service that bypasses banks to keep costs down.
Before now, TransferWise had raised around $120 million funding, and with its latest cash injection the company plans to develop new products and focus on expansion across Asia-Pacific, including India, while also expanding its recently announced “borderless bank account” that lets businesses store money in different currencies. The company is also planning a consumer-focused borderless account and card for Europe in 2018.
“We have a mission to bring TransferWise to everyone in the world who needs it,” said TransferWise cofounder and chairman Taavet Hinrikus. “Today, customers send well over 1 billion pounds ($1.3 billion) using our platform each month for every conceivable reason — whether to help out relatives back home, pay bills overseas, or expand their own business into new territories. But 1 billion pounds is just a slice of the market, which means millions of people are still being ripped off by banks and traditional currency brokers every day.”
TransferWise says that it has been profitable since early 2017 and now claims that it serves more than 2 million customers across 42 countries. The company currently has 800 employees in key hubs around the world, including London, Singapore, Tokyo, and Sydney.